Playtech (PTEC) Trading 6.7% Higher After Dividend Announcement

Shares of Playtech PLC (LON:PTEC) traded up 6.7% on Thursday after the company announced a dividend. The stock traded as high as GBX 426 ($5.57) and last traded at GBX 392.80 ($5.13). 1,734,321 shares changed hands during trading, a decline of 4% from the average session volume of 1,800,000 shares. The stock had previously closed at GBX 368.10 ($4.81).

The newly announced dividend which will be paid on Friday, May 31st. Shareholders of record on Thursday, May 2nd will be issued a €0.12 ($0.14) dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a yield of 2.83%.

A number of research analysts have weighed in on the company. Credit Suisse Group decreased their price objective on Playtech from GBX 550 ($7.19) to GBX 520 ($6.79) and set a “neutral” rating on the stock in a report on Tuesday, October 30th. Canaccord Genuity reduced their price target on Playtech from GBX 630 ($8.23) to GBX 600 ($7.84) and set a “buy” rating on the stock in a report on Tuesday, December 18th. Numis Securities reiterated a “buy” rating and set a GBX 706 ($9.23) price target on shares of Playtech in a report on Monday, November 12th. Shore Capital reiterated a “buy” rating on shares of Playtech in a report on Monday, November 12th. Finally, Morgan Stanley lowered Playtech to an “equal weight” rating and reduced their price target for the stock from GBX 1,020 ($13.33) to GBX 550 ($7.19) in a report on Friday, February 8th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of GBX 625.11 ($8.17).

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About Playtech (LON:PTEC)

Playtech Plc develops and sells software products for the online and land-based gambling industries worldwide. The company operates through Gaming B2B, Gaming B2C, and Financial segments. It operates an online trading platform to retail customers, which enable them to trade contracts for differences on various instruments, such as foreign exchange, commodities, equities, and indices; and provides B2B clients with technology for liquidity and clearing.

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